1 July 2015

NIFTY OUTLOOK FOR TUESDAY 2-JULY-2015

"BUY IGL 470 CALL 15 TGT 22/39 SL 6.40"
"SELL AXISBANK FUTURE BELOW 570 TGT 561/552 SL 578"
Today on 1 July 2015 it was a super rally supported by some firm macro data. The Sensex was up 240 points at 28020, and the Nifty added up 84 points at 8453. Nifty zoomed past the 8450-level, to hit a high at 8482. The Sensex provisionally closed 249 points higher at 28030 and Nifty jumped 95 points to provisionally shut shop at 8463.
The Nifty looks bullish despite closing near a significant resistance zone between 8465 and 8485. This is the most critical supply zone the bulls need to take out decisively; once they are to do it the index could well be headed for the coveted 8500-mark or even higher.
As of today, we need to be very vigilant about this zone. On the higher side, once the level of 8485 is crossed on high volume activity and large scale position building, you may see strong buying coming in while a failure to take out 8485 firmly and if the index were to start coming down bears would be emboldened to sell again. In that case, a retest 8400 through 8350 support area would be there and further down a test of 8300 through 8270 support area likely. 
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RESISTANCE: 8500, 8550, 8600 
SUPPORT:  8450, 8400, 8350          

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